Marathon Nextgen Q2 Results, October 22, 2026: Pre-Sales Up 79%, Profit ₹45 Crore

Marathon Nextgen Q2 results, filed on Wednesday, October 22, 2026, show a Mumbai developer whose bookings picked up sharply even as reported revenue cooled. The company booked total income of ₹145 crore and a profit after tax of ₹45 crore for the September quarter, while pre-sales climbed 79% over the June quarter to ₹154 crore.

Marathon Nextgen Q2 results: the headline numbers

All figures below come from the company’s earnings press release filed with NSE and are consolidated.

• Total income: ₹145 crore in Q2 FY27, and ₹362 crore for the first half (April to September).
• EBITDA: ₹61 crore in the quarter and ₹127 crore for the half. That works out to an EBITDA margin of roughly 42% on Q2 income, by our calculation.
• Profit after tax: ₹45 crore in the quarter and ₹98 crore for the half.
• Balance sheet: net debt-free, with a positive net cash position.

The release does not give year-ago numbers, so we can’t say how the quarter compares with Q2 last year. What we can do is back out the June quarter from the half-year totals. Subtract Q2 from H1 and you get about ₹217 crore of income and ₹53 crore of profit in Q1. So on a sequential basis, income fell by about a third and profit slipped by roughly 15%. In real estate that is not unusual. Revenue is booked as projects hit completion milestones, so it tends to be lumpy from one quarter to the next.

Bookings tell a different story

Sales on the ground moved the other way. For its existing portfolio, Marathon registered bookings worth ₹154 crore in the quarter on 0.71 lakh sq ft sold, against ₹240 crore for the whole half. That puts the June quarter at about ₹86 crore, which squares with the 79% quarter-on-quarter jump the company flags. Collections came in at ₹127 crore for the quarter and ₹244 crore for the half.

Chairman and MD Chetan Shah said residential pre-sales grew 70% over the previous quarter. The affordable and mid-income projects did most of the lifting, with a 155% rise, while Monte South, the premium project in Byculla, grew 16%. Note that Monte South numbers are counted on the company’s 40% revenue share in that project.

The release also shows a “merged portfolio” view, which adds in the businesses covered by a proposed amalgamation that still needs approvals. On that basis, Q2 area sold was 0.94 lakh sq ft, bookings ₹251 crore and collections ₹202 crore. For the half, the merged figures were 1.40 lakh sq ft, ₹359 crore and ₹348 crore.

Office leasing and new projects

On the commercial side, the company said a large financial services group has taken about 45,000 sq ft more at Marathon Futurex in Lower Parel. Along with Marathon Millennium in Mulund, that gives it some steady, non-housing income.

Two redevelopment projects were added in Versova and Sewri, with a combined estimated gross development value of ₹900 crore. Construction at Monte South, Nexzone, NeoHomes and Marathon Millennium is on schedule, according to management.

What this means for shareholders

Here’s how we read it. The profit line will keep swinging with project completions, so one soft quarter of revenue matters less than whether bookings and collections hold up. On that count, Q2 was a decent quarter, especially for the lower-ticket housing that drove most of the growth this quarter. The bigger open question is the amalgamation. The merged numbers are noticeably larger, but none of it counts until approvals come through.

Mumbai peer Mahindra Lifespace also reported Q2 numbers the same day, and it’s a useful comparison on pre-sales. If you want a framework for reading developer results, where revenue recognition makes the P&L tricky, our guide on how to analyse quarterly results is a good place to start.

Disclaimer: This article is for information only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.